THERE ARE SO MANY FACTORS THAT CAN HAVE AN AFFECT ON THE COST OF YOUR RENOVATION PROJECT, SOME YOU CAN CONTROL AND SOME YOU CAN’T.
Every project is unique as is every person’s expectation and financial realities.
So comparing your project to another as a basis to determine an initial cost can set you up for failure. There are so many factors, some in your control but many out of it, that will affect what you can or can’t do on your property and what that might actually cost.
So it’s important to have a financial buffer (and a mental one can be useful too) to allow for these things that might crop up along the way.
Be aware of them at the start of your project so your expectations are aligned with reality and you are in a position to incorporate them into your project.
So what sorts of things can affect the cost of building?
Many factors can influence the cost of your renovation project. Some of which are as follows:
Things mostly out of your control
There are some things that you have no control over that you just need to allow for if you want to undertake a renovation project. They are usually location or site-specific.
THE CONDITION OF YOUR HOME
This is a huge factor in determining the cost of a renovation. An older home that hasn’t been updated in a long time runs a greater risk of unforeseen problems that will need fixing – ie old plumbing and wiring. Also, items in the home might be at the end of their life – water heating etc that will need to be allowed for.
ZONING & REGULATORY RESTRICTIONS
Every reno is subject to council rules and regulations, some have a bigger impact than others. Planning, zoning, and overlays can have a major impact on what you can, or cannot, do with a property, and can dramatically affect the cost of a project. Be aware these rules can be state and council specific.
SLOPE OF YOUR SITE
The steeper the site the more it usually costs to build on it.
This is because foundations and supporting structures are
more difficult, excavation and the need for retaining walls
increases and more complex drainage issues arise. More
space is usually wasted in basement and foundations
because buildings often step up the slope.
ACCESS TO YOUR SITE
Poor access makes materials handling, delivery and stockpiling more difficult and more time consuming, which will generally increase the labor cost component of your project.
Sandy or clay soils are generally more expensive to build on as they can require deeper piles to achieve an adequate footing for your home.
EXCAVATION IN ROCK
Rock excavation can be expensive and any drainage issues may be more expensive to resolve.
DEMOLITION OR DECONSTRUCTION
The demolition techniques required during renovation can be time-consuming, and labor-intensive. items are carefully separated for reuse or recycling. Therefore deconstruction can be a costly process.
In a partial demolition, the contractor must do it in such a way that doesn’t cause damage to the remaining structure. There can be a high cost associated with the disposal of demolished waste.
Approximately one-third of all homes in Australia contain asbestos products. If your house was built before 1990, it is likely that it would have some asbestos-containing materials. If it’s found to be present in your home it needs to be removed professionally and disposed of properly. Depending on the extent and type of asbestos present this can add a significant cost.
Site Clearing can also be costly especially if there is a lot of vegetation and big trees. Access will play a big part in the overall costs.
Things you can control (to some degree)
Alongside things you can’t control, there are many that you can to a certain degree. The decisions you make with regards to these will have a huge impact on your end costs.
FIT-OUT, FIXTURES & FINISHES
The number of fit-out areas such as bathrooms, ensuites, kitchens, laundries etc. adds greatly to the cost of a project as these areas are ‘trade’ intensive ie require plumbing, electrical, tiling, joinery, fixtures, and fittings.
Careful consideration should be given to the of space use within your design to minimise waste. Circulation space can blow out and reduce the
level of usability possible for a similar budget.
A truly individual design with a large number of custom-made elements will cost more than a design with the standard ‘off the shelf’ elements. Using standard industry practices and materials will generally reduce costs
compared to ‘one-off’ solutions.
THE TYPE, METHOD & MATERIALS OF CONSTRUCTION
Traditional or common forms of construction are generally cheaper than newer or more alternative systems.
CLIENT DRIVEN CHANGES
Client-driven changes, especially on site, can add significant yo your construction costs as they might mean redoing work that is already completed.
So as you can see there are a lot of factors, that can influence your costs and this list is by no means exhaustive.
So your initial budget project will be preliminary and will need to incorporate a contingency to allow for any or all of these. And will progressively become more detailed and accurate as research is undertaken and options are explored.
I’ve said it before and I’ll say it many many more times – knowledge is power and ignoring these issues will set you up for a very rude shock down the track.
Set yourself up for success and understand the realities, not the myths or the assumptions or the gems of advice from family friends and acquaintances who renovated 20 years ago….. You get what I’m saying,
Understanding and accepting the realities is part of having a great renovation experience. to how you approach your project and view your experience
While every effort has been made to provide accurate information, Buildit123 Pty Ltd does not guarantee that this blog article is free from errors or omissions or is suitable for your intended use.